AIMA

The Alternative Investment Management Association

Alternative Investment Management Association Representing the global hedge fund industry

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Other Jurisdictions' Asset Management Regulation

Canada

Under Canada's early warning reporting (EWR) system, investors holding 10% or more of a public company's voting securities must publicly report their ownership levels, the purpose of the transaction and any future intention to accumulate more securities. On 13 March 2013 the Canadian Securities Administrators (CSA) issued a request for comments in respect of the proposed amendments to Multilateral Instrument 62-104 – Take-Over Bids and Issuer Bids, National Policy 62-203 – Take-Over Bids and Issuer Bids and National Instrument 62 – 103 – Early Warning System and Related Take-Over Bid and Insider Reporting Issues (the ‘Proposed Amendments’) which proposed, amongst other things, decreasing the early warning reporting threshold from 10% to 5%. The Proposed Amendments would also increase EWR disclosure obligations for investors who acquire derivatives or public company securities through securities lending arrangements and make the alternative monthly reporting system unavailable to institutional investors who engage in certain forms of shareholder activism.

Consultation documents 

Proposed Amendments: MI 62-104 Take-Over Bids and Issuer Bids, NP 62-203 Take-Over Bids and Issuer Bids, and NI 62-103 Early Warning System and Related Take-Over Bid and Insider Reporting Issues (March 2013)

AIMA documents

Response - Proposed Amendments to the Canadian Early Warning Reporting ("EWR") System (July 2013)


Switzerland

Regulation of asset managers in Switzerland is governed by the Collective Investment Schemes Act of 23 June 2006, as amended (the ‘CISA’). The CISA aims to protect investors and to ensure transparency and the proper functioning of the market for collective investment schemes (‘CIS’).

The Swiss Federal Council (the ‘SFC’) launched a consultation on the partial revision of the CISA on 6 July 2011. The intention of the revision of the CISA was to close the regulatory gaps identified by the SFC and to align the provisions relating to the management, custody and distribution of CIS with international standards, in particular the Alternative Investment Fund Managers Directive (‘AIFMD’) and the Undertakings for Collective Investment in Transferable Securities Directive (‘UCITS’). The new regulation came into force on 1 March 2013.

Key legislative documents

Federal Act on Collective Investment Schemes (CISA) - The Federal Assembly of the Swiss Confederation (Status as of 1 January 2014)

Ordinance on Collective Investment Schemes (CISO) - The Swiss Federal Council (Status as of 1 January 2014)

Revised CISA text - German and French (28 September 2012)

Ordinance of the Swiss Financial Market Supervisory Authority on Collective Investment Schemes (CISO-FINMA) (Status as of 1 January 2009)

AIMA documents

Update Summary - Swiss Collective Investment Schemes Act and Collective Investment Schemes Ordinance (February 2014)

Summary - Swiss Collective Investment Schemes Act and Collective Investment Schemes Ordinance (June 2013)

Update Note - Swiss Collective Investment Scheme Act Revision (June 2012)

Other resources

FINMA Circular 2013/9 - Distribution of Collective Investment Schemes (KPMG) (Unofficial translation issued in September 2013)

AIMA Noticeboard


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  1. AIMA's Policy Principles
  2. Asset Management Regulation
    1. EU Asset Management Regulation
      1. AIFMD
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      3. MiFID / MiFIR
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      5. European Venture Capital Directive
      6. Shareholder Rights Directive
      7. European Long Term Investment Fund Regulation
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    2. US Hedge Fund Adviser Regulations
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      1. ESMA Guidelines
      2. MiFID / MiFIR
      3. MAD / MAR
      4. Flash Crash
      5. IOSCO
      6. Germany
      7. CFTC Automated Trading
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      1. Solvency II
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      2. Indices as Benchmarks
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    3. BEPS
    4. FAIFs and FINROFs
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    6. Financial Transaction Tax (FTT)
    7. UK Investment Management Exemption (IME)
    8. UK Offshore Funds Regime
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      7. FTT
      8. High Frequency Trading
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      10. Other Hot Asset Management Topics
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      12. Position Limits
      13. Trading
      14. UK Partnership Tax Review
      15. Volcker Rule
    4. Hedge Fund Manager Training
    5. Quarterly Regulatory Update
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    7. Regulatory Compliance Association
      1. About the Regulatory Compliance Association
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